Established Louisville company to add 30 new jobs, invest more than $3 million

LOUISVILLE, Ky. (March 24, 2010) – Gov. Steve Beshear and Louisville Mayor Jerry Abramson today joined officials from Raytheon Missile Systems to announce the expansion of the company’s Louisville operation. The company plans to add 30 new full-time jobs and invest more than $3 million in the Commonwealth.

“The expansion of our existing industries is a vital part of our economic growth and recovery,” said Gov. Beshear. “Raytheon Missile Systems’ continued investment in its Louisville operation and the creation of 30 new jobs in the community is yet another positive sign that we are making great progress in moving Kentucky forward.”

Raytheon Missile Systems, which has operated in Louisville since 1996, currently employs 335 full-time Kentuckians. The company plans to lease an additional 25,000 square feet at its existing 327,000 square-foot facility to increase its production rate of retrofitting and modifying weapon systems for the U.S. Army and Navy.

“We are very excited to be able to hire new employees for well-paying jobs,” said Ed Givan, general manager for Raytheon's Louisville facility. “It’s good for Raytheon, it’s good for Louisville and Kentucky, and most importantly it’s good for the people we hire.”

The Kentucky Economic Development Finance Authority preliminarily approved Raytheon Missile Systems for tax incentives up to $500,000 through the Kentucky Business Investment (KBI) program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments. The maximum annual approved amount to be earned by Raytheon Missile Systems is $50,000.

“These are good paying jobs that are coming along at the right time to give a boost to our economy. Another sign that slowly but surely we are moving toward recovery,” said Mayor Abramson.

“Raytheon Missile Systems is an important corporate citizen in Louisville,” said Joe Reagan, president & CEO of Greater Louisville Inc. - the Metro Chamber of Commerce. “The expansion of their operations here is great news for the company and the community.”